I am new to the site and would really welcome any advice people in a similar situation to me could provide.
The brief history of my situation is that I bought two investment properties in 2002 & 2003. (supposed to be a pension plan but have turned out to be anything but!). I took out buy-to-let mortgages with First Active on a Fixed Rate. However, in 2006 I transferred both of the mortgages to a tracker rate. In 2007, I transferred both mortgages to a five year fixed mortgages.
In 2012, at the conclusion of the five year fixed mortgage period, I expected the rate to revert to a tracker but as per other people who have commented on the site, Ulster Bank would not permit it as they claim they no longer have the tracker available as a product. (Just to note, the wording on the letter that I signed when I moved from tracker to fixed was: "I/We understand that when the fixed rate period as selected by me/us ends, the mortgage will transfer to a standard variable rate mortgage (not linked to the ECB) unless I/we request a new fixed rate or transfer the mortgage to the prevailing Tracker Mortgage offering at the time of the transfer".
Over the course of the next two years (up to 2014) I used all my savings and spare cash to keep the mortgages (interest only) up to date but then had no option but to enter a structured arrangement with Ulster Bank and I am still in this process.
In late 2015, I submitted a complaint to UB and they completely rejected it a few months later. In fact, they denied that one of the mortgages ever had a tracker rate. When I provided proof that it had, they simply reverted accepting the mistake but still held their position on the matter.
My wife recently had a baby and the even tighter household budget, coupled with the information circulating in the media, prompted me to contact the Financial Ombudsman. The FSO recently advised me that UB contacted them to confirm that my mortgages "were currently subject to the Central Bank of Ireland tracker Examination". That was news to me. However, I would be really grateful if anybody who is in the same boat as me, could help me with some queries, such as should I contact the Central Bank to confirm I am part of the review? Should I contact Ulster Bank on the matter? Does being part of the CB tracker examination mean that it is likely I may have the trackers reinstated?
Apologies for the long winded post and thanks in advance for any help.
The brief history of my situation is that I bought two investment properties in 2002 & 2003. (supposed to be a pension plan but have turned out to be anything but!). I took out buy-to-let mortgages with First Active on a Fixed Rate. However, in 2006 I transferred both of the mortgages to a tracker rate. In 2007, I transferred both mortgages to a five year fixed mortgages.
In 2012, at the conclusion of the five year fixed mortgage period, I expected the rate to revert to a tracker but as per other people who have commented on the site, Ulster Bank would not permit it as they claim they no longer have the tracker available as a product. (Just to note, the wording on the letter that I signed when I moved from tracker to fixed was: "I/We understand that when the fixed rate period as selected by me/us ends, the mortgage will transfer to a standard variable rate mortgage (not linked to the ECB) unless I/we request a new fixed rate or transfer the mortgage to the prevailing Tracker Mortgage offering at the time of the transfer".
Over the course of the next two years (up to 2014) I used all my savings and spare cash to keep the mortgages (interest only) up to date but then had no option but to enter a structured arrangement with Ulster Bank and I am still in this process.
In late 2015, I submitted a complaint to UB and they completely rejected it a few months later. In fact, they denied that one of the mortgages ever had a tracker rate. When I provided proof that it had, they simply reverted accepting the mistake but still held their position on the matter.
My wife recently had a baby and the even tighter household budget, coupled with the information circulating in the media, prompted me to contact the Financial Ombudsman. The FSO recently advised me that UB contacted them to confirm that my mortgages "were currently subject to the Central Bank of Ireland tracker Examination". That was news to me. However, I would be really grateful if anybody who is in the same boat as me, could help me with some queries, such as should I contact the Central Bank to confirm I am part of the review? Should I contact Ulster Bank on the matter? Does being part of the CB tracker examination mean that it is likely I may have the trackers reinstated?
Apologies for the long winded post and thanks in advance for any help.